Endowments and foundations facing a conundrum

CAPTRUST Financial Advisors (CAPTRUST) has released its inaugural Endowment and Foundation Survey results. The survey primarily focused on nonprofits with long-term investment assets between $10 million and $100 million and included responses from more than 150 public and private foundations focused on religious, educational, and other charitable missions. Key findings from the survey include: Returns: More than 72 percent of organizations had return expectations in the 5 percent to 8 percent range, and more than 10 percent of respondents expressed return expectations…

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Levin Johnston directs multifamily acquisition in Silicon Valley

Levin Johnston of Marcus & Millichap, a U.S. multifamily brokerage team specializing in wealth management through commercial real estate investments, has directed the $8.8 million acquisition of a one-acre multifamily community in Mountain View, Calif. Located at 440 North Rengstorff, the apartment property is near downtown Mountain View, in close proximity to schools, shopping, dining, and highways 101 and 85, providing direct access to all major Bay Area locations. Adam Levin, senior managing director for Levin Johnston, and Robert…

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Allen Morris sells apartment community to Canadian investor

The Allen Morris Co. has sold a luxury mixed-use apartment community, The Hermitage Apartment Homes in St. Petersburg, Fla., for $107 million. The seller was The Hermitage St. Pete, an affiliate of The Allen Morris Co. The property was acquired by Brass Enterprises, a real estate investment company based in Toronto. Brass Enterprises owns a diversified real estate portfolio with a focus on multifamily residential assets in high growth U.S. markets. Located at 151 Seventh St. South, and set in…

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Everest Medical Real Estate Strategy delivers solid results in 2018

The Everest Medical Real Estate Strategy delivered solid results in 2018 with the portfolio outperforming the returns of PREA-IPD, NAREIT, the S&P 500, NASDAQ and the Ten-Year Treasury benchmarks. The underlying drivers of the solid performance has made the firm bullish for the medical office building (MOB) investment strategy into 2019. The investment team believes that this is the opportune time for a medical real estate strategy focusing on providing the physical building infrastructure for healthcare delivery around the United…

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Newport Capital Partners acquires suburban retail center in Chicago suburb

Newport Capital Partners has acquired Edens Plaza on behalf of Newport Capital Partners Fund II. The 183,000-square-foot retail center located on Lake Avenue in Wilmette, Ill., was acquired for $72 million in an off-market transaction from Edens Plaza. “Edens Plaza is a perfect fit for Newport Fund II’s investment strategy,” stated Derrick McGavic, managing principal at Newport Capital. “Not only is this high-quality asset a neighborhood center with a strong tenant roster since its development, but it is also in…

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Realterm buys 6-property industrial park in Westchester County, N.Y., for $70m

Realterm, a real estate operator, has purchased Elmsford Distribution Center, a six-property industrial park and truck terminal totaling 386,137 square feet in Elmsford, Westchester County, N.Y., for $70.25 million. Elmsford Distribution Center is at 1-6 Warehouse Lane in Westchester County just off Route 9A and proximate to all major regional highways, including Interstate 287, Saw Mill River Parkway and the Sprain Brook Parkway. This last-mile location places the park within a two-hour drive of 23 million people and 8.5…

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HFF announces $96m in financing for multi-housing development in Portland

Holliday Fenoglio Fowler has announced $96.5 million in financing for the development of 100 Columbia, a 348-unit, class A high-rise multi-housing community in the Portland, Ore., CBD. The HFF team worked on behalf of the developer, Alamo Manhattan, to secure the four-year construction loan through PCCP. As previously announced, HFF also assisted Alamo Manhattan in securing joint venture equity for the project in a transaction closed in May 2018. 100 Columbia is located on a 0.92-acre site that spans the…

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FRP Development Corp., MRP Realty JV to develop mixed-use property in NE D.C.

MRP Realty, developers of commercial, residential, and mixed-use real estate across the mid-Atlantic region, and FRP Development Corp, Inc., a full-service real estate company, have formed a joint venture to develop Phase I of Bryant Street, a mixed-use development in Northeast Washington, D.C. Bryant Street is a mixed-use, transit-oriented development on Rhode Island Avenue adjacent to the Rhode Island Metro Station (Red Line) and within a designated Opportunity Zone in Northeast Washington, D.C. “Bryant Street will ignite the transformation…

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Chicago towers receive $62m construction loan

Lendlease, along with co-developer The John Buck Co. and partner Intercontinental Real Estate Corp., has broken ground on 845 West Madison, a two-tower mixed-use development including 586 residential units in Chicago’s West Loop. Upon completion, 845 West Madison will include 586 residences, 319 units in the north tower and 254 units in the south tower. The 17-story towers and townhomes will be connected by a two-story podium that includes 10,000 square feet of retail space and 278 parking spaces,…

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TF Cornerstone secures $516m for Long Island City project

TF Cornerstone has received $516 million in financing from the New York City Department of Housing Preservation and Development for the construction of its mixed-use assemblage in the Hunters Point neighborhood of Long Island City in Queens, N.Y., according to Commercial Observer. The debt is split between two adjacent projects, a 56-story, 800-unit residential tower located at 52-03 Center Blvd., and a 46-story mixed-use high-rise located at 52-41 Center Blvd. on Queens’ East River waterfront.

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